Cryptocurrency lender Celsius filed for bankruptcy in July amid a collapse in the cryptocurrency market. This week, its founder and CEO Alex Mashinsky also left his post, having previously managed to withdraw $10 million in cryptocurrency before the company froze withdrawals, writes Business Insider.

The director’s withdrawal took place back in May, when problems in the cryptocurrency market began after the Terra USD stablecoin lost its $1 peg and collapsed.

Thus, Mashinsky was ahead of Celsius customers when the company froze withdrawals on June 12. Less than a month later in July, the company declared bankruptcy, citing a $1.2 billion shortfall in its balance sheet.

The former director himself and his family still hold about $44 million in frozen assets in the Celsius network after his exit.

Most of the withdrawn funds were used to pay state and federal taxes.

The investigation is likely to intensify against Mashinmky, who stepped down as chief executive last Tuesday. He co-founded Celsius in 2017.

Celsius’ market valuation rose to $3 billion in 2021 after raising a $600 million equity investment. However, the lender’s big downside is the fact that it sometimes paid more interest to customers than it actually received from lending.